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FOUR-POINT PROGRAM, EARLY 191*6 (1) Elimination of preferential discount rate Proposed in July 19 k$> December 19k$9 January 191*6, and March 1946, opposed by Secretary of Treasury in each case. Eliminated in April 191*6. (2) Increase in bill rate and elimination of buying rate by Federal Reserve Suggested during war and again proposed in July 191*5. To be accompanied by reduction in market bills and exchange of Federal Reserve bill holdings for special certificate at 1/8 per cent. (3) Debt retirement through use of Treasuiy cash balance (]*) Establishment of bill-certificate reserve requirement Attachments Preferential discount rate Eccles to Morgenthau Letter K?/ 9/1*5 7/27/1& Vinson to Ransom Eccles to Vinson vf2/l3/l£ Vinson to Eccles V12/29/kS 1/28/1*6 Report by Thomas of meeting with Treasury staff Memo n 1/31/1*6 Report by Eccles of conference with Secretary of Treasury Letter *3/22/k& Eccles to Vinson » K-3/23A6 Vinson to Eccles Eccles to Vinson A/1S/U6 Dates of elimination of preferential rate by each Federal Reserve Bank General Memo 3/5A6 Inflation, Bank Credit, and the Government Debt Annual Report 19b$$ PP» 1-8, Monetary Situation as a Result of War DATES OF ELIMINATION OF THE FEDERAL RESERVE PREFERENTIAL DISCOUNT RATE ON ADVANCES SECURED BY GOVERNMENT OBLIGATIONS April-May 19^6 Federal Reserve Bank Date Boston April 27 New York April 25 Philadelphia April 25 Cleveland May 3 R ichmond May 10 Atlanta May 10 Chicago April 26 St. Louis April 26 Minneapolis April 26 Kansas City- April 27 Dallas May 10 San Francisco April 25